Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash …? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture … puzzle of venture debt by revealing that a start-up's VC backing and intellectual property substitute for traditional loan …

internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …

Poor women borrow from multiple sources. This study examines whether the source of debt matters for women’s role in …

internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …

derived from the business to be positively associated with debt use and the owner's age to be negatively associated with debt … use. We find that more debt is obtained if the business owner is married and less if he or she is black. Similarly, more … debt is prevalent among start-up firms in transportation and utilities than those in other industries. When debt obtained …

debt has a negative agency advantage (defined as reducing agency costs of equity) for small businesses, a significant but …